Sat Feb 9, 2019, 03:19 AM

I'm a CPA with a small tax practice

My husband and I are solid middle class with two college age dependents. Nothing changed from last year to this year. Last year our refund was 4000 this year we owe 3000. That’s a 7000 swing not in our favor we are both sick about this. I’ve prepared a few returns (W2s and 1099s are just now being received) and refunds are significantly less or people owe for the first time in years. It’s gonna be tough tax season.

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159 replies	Author	Time	Post
I'm a CPA with a small tax practice (Original post)	ALBliberal	Feb 2019	OP
Somehow I knew Fascist America	Liberal In Texas	Feb 2019	#1
It's gonna be tough, and I have no doubt my Republican...	TreasonousBastard	Feb 2019	#2
I'm so sorry, ALBliberal!	Cha	Feb 2019	#3
I think the biggie is	mercuryblues	Feb 2019	#17
Thanks for the explanation, mercuryblues!	Cha	Feb 2019	#18
We filed an extension for ours.	mercuryblues	Feb 2019	#21
Don't you have to pay your estimated tax anyway when you file an extension? I had to do that in the	BamaRefugee	Feb 2019	#94
Filing Tax Extension + Impact on Higher Income Individual	Indykatie	Feb 2019	#114
yes	mercuryblues	Feb 2019	#132
I file for an extension every year because I'm a freelancer and the timing for funding my IRA	Neema	Feb 2019	#113
And now we know why So many 'pubs left the House.	Norbert	Feb 2019	#110
Put simply,	watoos	Feb 2019	#32
Yes	mercuryblues	Feb 2019	#39
Yes, a loan w/ a high interest rate. You are pretty well paying for it totally. This points out...	SWBTATTReg	Feb 2019	#41
I get a pension,	watoos	Feb 2019	#44
Can they legally do that?	BigmanPigman	Feb 2019	#105
So, lower withholding lower refund.	pangaia	Feb 2019	#115
The problem is that for many people,	janx	Feb 2019	#122
yeah, the whole thing was and is so freakin' obvious to anyone with a functioning brain..	pangaia	Feb 2019	#124
I'm good at math and I could see it coming from the beginning.	airplaneman	Feb 2019	#136
Now I'm really getting scared!	StarryNite	Feb 2019	#4
Me, too.	peacefrogman	Feb 2019	#5
In a nutshell I believe homeowners with	ALBliberal	Feb 2019	#12
I think the republicans wanted to screw America's charities with their tax bill	Achilleaze	Feb 2019	#16
Charitable contributions are still deductible	spinbaby	Feb 2019	#23
Nice (for rich republicans)	Achilleaze	Feb 2019	#25
yep and they raised the amount thats deductible too	D_Master81	Feb 2019	#75
The same holds true for mortgage interest.	janx	Feb 2019	#85
Our nonprofit is hurt because we rely on many small donations	Liberty Belle	Feb 2019	#117
Yup	Freddie	Feb 2019	#35
I think they view the non-profit sector as a threat	DBoon	Feb 2019	#59
That's an excellent point which I hadn't considered. You would think real churches	erronis	Feb 2019	#87
I worry about charities too	TuxedoKat	Feb 2019	#22
That is not necessarily true. The elimination of the Personal exemptions, especially for those who	still_one	Feb 2019	#33
I don't see how states can override federal taxes.	watoos	Feb 2019	#45
California is over-riding it, they just aren't conforming to federal rules. States can confirm or	still_one	Feb 2019	#54
The poster is talking about STATE itemization, not federal itemization.	Ms. Toad	Feb 2019	#120
I didn't know about the HELOC change	jmowreader	Feb 2019	#62
They can only deduct the interest if it is used for home improvement of principle residence, not for	still_one	Feb 2019	#66
That will have some negative effect	Mr.Bill	Feb 2019	#100
For those who used to itemize it sure will because a good number of folks financed their cars	still_one	Feb 2019	#102
This:	shanti	Feb 2019	#81
For those over 65 and single it is 13600. For Married filing jointly over 65 it is 26600.	still_one	Feb 2019	#101
Nope. In the ne homeowners have a $10k cap on deductions.	lindysalsagal	Feb 2019	#42
First scenario is probably true	DeminPennswoods	Feb 2019	#58
Have to disagree with your first sentence. It depends	spooky3	Feb 2019	#78
Tax question for you	Doremus	Feb 2019	#82
Sec 199A Deduction for Qualified Business Income	arthurgoodwin	Feb 2019	#103
Postscript	arthurgoodwin	Feb 2019	#104
Harumph.	Doremus	Feb 2019	#108
Coast	enid602	Feb 2019	#97
The tax scam will destroy a lot of bank accounts this year	dalton99a	Feb 2019	#6
I'm really sorry for your sake.	PatrickforO	Feb 2019	#7
Our family is in the same position as you. Our deductions evaporated.	SunSeeker	Feb 2019	#8
I recall even before the law was passed....	KY_EnviroGuy	Feb 2019	#9
GEE, and the moron's tax cuts is STILL NOT BEING PAID for.	pansypoo53219	Feb 2019	#10
+1000. We'll pay for it, and children/grandchildren.	erronis	Feb 2019	#89
It's those with over-16 dependents that are really being hurt	nitpicker	Feb 2019	#11
Thanks. That is yet another hit on higher education.	Hortensis	Feb 2019	#14
wait, other-dependent is non-refundable?	Recursion	Feb 2019	#50
Oh, my. I'm sorry. And scared to see ours.	Hortensis	Feb 2019	#13
republicans lied to, and then screwed Americans to enrich rich republicans	Achilleaze	Feb 2019	#15
Perfect. It might be safer to let the boat go down and see who survives....	erronis	Feb 2019	#92
What is the change in the total tax burden?	Adrahil	Feb 2019	#19
The old withholding was based on nr personal exemptions	DeminPennswoods	Feb 2019	#60
I went from a typical $3000 refund	lanlady	Feb 2019	#20
"taxcut" is an increase for many bluestate middleclass wage earners as	beachbum bob	Feb 2019	#24
That and the elimination of the personal exemption is going to bite a good number in that category.	still_one	Feb 2019	#36
I think I will be in a similar boat. A couple of thousand smaller swing, but I	Squinch	Feb 2019	#26
Is anyone else seeing that commercial on tv selling a book about trump's tax bill	mucifer	Feb 2019	#27
Ours was	Skidmore	Feb 2019	#28
Of course it's all Obama's fault!	Canoe52	Feb 2019	#29
My benefit of the trump tax cut was	Turbineguy	Feb 2019	#30
would it be possible for you to explain to your customers that its a result	Fresh_Start	Feb 2019	#31
My son adjusted his withholding twice last year and still owe	Gothmog	Feb 2019	#34
K-1s are notorous for being late, and technically in violation of the law for that. You should	still_one	Feb 2019	#37
I had to pay estimated taxes	Gothmog	Feb 2019	#52
you are very wise, and those who were not paying attention may be in for an unexpected tax bill this	still_one	Feb 2019	#56
The withholding tables are absolutely broken and you can't convince me it was an accident	Recursion	Feb 2019	#47
It was clearly not an accident	Gothmog	Feb 2019	#51
+1	uponit7771	Feb 2019	#88
Here is a good explanation why many will find not benefit from the new tax law if they used to	still_one	Feb 2019	#38
Thank you I'll read that.	ALBliberal	Feb 2019	#63
Sickening! Another reason why I can't stand Republcan/Trumpists.	oasis	Feb 2019	#40
Haven't done ours yet. Virginia Dept of Tax came out yesterday and told everyone to hold off	underpants	Feb 2019	#43
Yep. I just wrote a check for two grand. I am not ****ing happy.	Recursion	Feb 2019	#46
My hope in this	JustAnotherGen	Feb 2019	#48
For us, it's the Blue State penalty.	mainer	Feb 2019	#49
I expect mine to go down	MichMan	Feb 2019	#53
You would be incorrect. Most everyone I know got less back this year.	Demsrule86	Feb 2019	#146
We ended up fine	Bettie	Feb 2019	#55
If you increased your withholding, then you also paid more.	progressoid	Feb 2019	#70
Yeah, but we don't have to come up	Bettie	Feb 2019	#72
Yeah, I'm self-employed.	progressoid	Feb 2019	#73
We need to hit this harder	riverwalker	Feb 2019	#57
GOP expertly crafted the 2018 mid-term election and the 2019 tax return filing.	NCjack	Feb 2019	#61
This will hurt people's wallets	aikoaiko	Feb 2019	#64
I have a question	customerserviceguy	Feb 2019	#65
Mm-hmm.	Iggo	Feb 2019	#68
I did just that and paid big for it	dhol82	Feb 2019	#95
Things went very different with the new tax law	customerserviceguy	Feb 2019	#99
Prepaying property taxes would not have helped	ALBliberal	Feb 2019	#147
If property taxes for 2018	customerserviceguy	Feb 2019	#154
That's terrible	workinclasszero	Feb 2019	#67
Yikes! $7000 more?	CaptainTruth	Feb 2019	#69
Yachts and aircraft for the rich aren't cheap.	ooky	Feb 2019	#130
And, don't forget underpayment penalties!!!	Coventina	Feb 2019	#71
The IRS has said it will waive underpayment penalties...	Kensan	Feb 2019	#106
I'm an exception	FreeJoe	Feb 2019	#74
hubby and i managed to get a slighlty larger refund this year..	samnsara	Feb 2019	#76
I filed the other day via TurboTax FREE	CountAllVotes	Feb 2019	#77
How is this happening? Is the actual tax going up?	JustABozoOnThisBus	Feb 2019	#79
1 K here , what a mess.	sarcasmo	Feb 2019	#80
Your withholding didn't change?	fescuerescue	Feb 2019	#83
If you live in NY or CA . You are screwed because you lose that	UCmeNdc	Feb 2019	#90
It's a chess move.	zentrum	Feb 2019	#84
We're both retired. We got $1000 back last year, this year we're paying $4000. Admittedly....	George II	Feb 2019	#86
How did your soc sec jump so much?	dhol82	Feb 2019	#96
I use Turbotax and never really looked at the details before this year....	George II	Feb 2019	#98
That's why I happily give my account $135.	sarcasmo	Feb 2019	#107
This is going to be a big issue	Gothmog	Feb 2019	#91
Best way to get a subservient populace, put them all in phony "debt" and then companies can oppress	rwsanders	Feb 2019	#93
This is what they do.	Voltaire2	Feb 2019	#109
It's also going to bring about a big economic downturn. Many	Ferrets are Cool	Feb 2019	#111
Perhaps a TOO obvious question for a CPA, but.. what was the difference in	pangaia	Feb 2019	#112
I'm not CPA, but	janx	Feb 2019	#119
I plan on rerunning 2017 with my 2018 information	ALBliberal	Feb 2019	#148
That was their plan. To hit Democrats, who live mainly in high-tax states.	Honeycombe8	Feb 2019	#116
April is a terrible month for most freelancers who have to pay quarterlies.	Neema	Feb 2019	#118
Was there a change in your actual tax bill?	Ms. Toad	Feb 2019	#121
Yes Ms Toad	Fresh_Start	Feb 2019	#126
Thanks -	Ms. Toad	Feb 2019	#131
I am not an accountant	Fresh_Start	Feb 2019	#134
Sorry - I didn't look carefully & thought you were the OP responding. n/t	Ms. Toad	Feb 2019	#141
i live in NJ and, because of the tax bill, I lost 20,000 in deductions from state and property taxes	Mars and Minerva	Feb 2019	#138
Did NJ make any adjustments to compensate for the Federal changes -	Ms. Toad	Feb 2019	#140
Nothing to change the ax on those deductions...	Mars and Minerva	Feb 2019	#144
They won't do anything that decreases state revenue.	roamer65	Feb 2019	#155
The idea is to set up Municipal charities so that you can donate to your area....	Mars and Minerva	Feb 2019	#157
My refund was hundreds of dollars less than last year.	LuvNewcastle	Feb 2019	#123
Sadly, it's job security for me.	Lefta Dissenter	Feb 2019	#125
does anyone remember this guy?	voteragain	Feb 2019	#127
My favorite part about the IRS: refunds are interest free. But UNDERPAY? You owe them a huge penalty	MadDAsHell	Feb 2019	#128
I completey disagree.	Pobeka	Feb 2019	#129
1000+	Scruffy1	Feb 2019	#133
It begs the question.	Scruffy1	Feb 2019	#135
I got a big tax cut.	roamer65	Feb 2019	#137
Ugh. Not looking forward to this. :(	C Moon	Feb 2019	#139
Feel same way I always do my taxes	marlakay	Feb 2019	#142
Flu and taxes? Eeeek!	C Moon	Feb 2019	#143
You think that's bad, I have bronchitis, taxes and I'm having my kitchen and bathroom...	Mars and Minerva	Feb 2019	#145
:O	C Moon	Feb 2019	#150
I know...I'm being a baby but it pisses me off that these taxes are going to a government run by...	Mars and Minerva	Feb 2019	#151
I hear ya!	C Moon	Feb 2019	#153
Tax returns for this year and next year keep this up we're going to win 45 states in 2020	TeamPooka	Feb 2019	#149
for the first time the Presbyterian Church I occasionally sing at,	SleeplessinSoCal	Feb 2019	#152
The targeting of blue areas in this tax scam was very pinpoint.	roamer65	Feb 2019	#156
CPA -ORANGE PARK AREA	jcetnar	Apr 2019	#158
You might have better luck posting in the Florida Group here:	Rhiannon12866	Apr 2019	#159

Response to ALBliberal (Original post)

Sat Feb 9, 2019, 03:22 AM

Liberal In Texas (9,212 posts)

1. Somehow I knew Fascist America

wasn't going to be all that great 2 years ago.

Kind of nervous about my tax debt for last year too....have no idea how to figure it out. Will be getting the info to the accountant soon.

I'm a CPA with a small tax practice

1. Somehow I knew Fascist America

2. It's gonna be tough, and I have no doubt my Republican...

3. I'm so sorry, ALBliberal!

17. I think the biggie is

18. Thanks for the explanation, mercuryblues!

21. We filed an extension for ours.

94. Don't you have to pay your estimated tax anyway when you file an extension? I had to do that in the

114. Filing Tax Extension + Impact on Higher Income Individual

132. yes

113. I file for an extension every year because I'm a freelancer and the timing for funding my IRA

110. And now we know why So many 'pubs left the House.

32. Put simply,

39. Yes

41. Yes, a loan w/ a high interest rate. You are pretty well paying for it totally. This points out...

44. I get a pension,

105. Can they legally do that?

115. So, lower withholding lower refund.

122. The problem is that for many people,

124. yeah, the whole thing was and is so freakin' obvious to anyone with a functioning brain..

136. I'm good at math and I could see it coming from the beginning.

4. Now I'm really getting scared!

5. Me, too.

12. In a nutshell I believe homeowners with

16. I think the republicans wanted to screw America's charities with their tax bill

23. Charitable contributions are still deductible

25. Nice (for rich republicans)

75. yep and they raised the amount thats deductible too

85. The same holds true for mortgage interest.

117. Our nonprofit is hurt because we rely on many small donations

35. Yup

59. I think they view the non-profit sector as a threat

87. That's an excellent point which I hadn't considered. You would think real churches

22. I worry about charities too

33. That is not necessarily true. The elimination of the Personal exemptions, especially for those who

45. I don't see how states can override federal taxes.

54. California is over-riding it, they just aren't conforming to federal rules. States can confirm or

120. The poster is talking about STATE itemization, not federal itemization.

62. I didn't know about the HELOC change

66. They can only deduct the interest if it is used for home improvement of principle residence, not for

100. That will have some negative effect

102. For those who used to itemize it sure will because a good number of folks financed their cars

81. This:

101. For those over 65 and single it is 13600. For Married filing jointly over 65 it is 26600.

42. Nope. In the ne homeowners have a $10k cap on deductions.

58. First scenario is probably true

78. Have to disagree with your first sentence. It depends

82. Tax question for you

103. Sec 199A Deduction for Qualified Business Income

104. Postscript

108. Harumph.

97. Coast

6. The tax scam will destroy a lot of bank accounts this year

7. I'm really sorry for your sake.

8. Our family is in the same position as you. Our deductions evaporated.

9. I recall even before the law was passed....

10. GEE, and the moron's tax cuts is STILL NOT BEING PAID for.

89. +1000. We'll pay for it, and children/grandchildren.

11. It's those with over-16 dependents that are really being hurt

14. Thanks. That is yet another hit on higher education.

50. wait, other-dependent is non-refundable?

13. Oh, my. I'm sorry. And scared to see ours.

15. republicans lied to, and then screwed Americans to enrich rich republicans

92. Perfect. It might be safer to let the boat go down and see who survives....

19. What is the change in the total tax burden?

60. The old withholding was based on nr personal exemptions

20. I went from a typical $3000 refund

24. "taxcut" is an increase for many bluestate middleclass wage earners as

36. That and the elimination of the personal exemption is going to bite a good number in that category.

26. I think I will be in a similar boat. A couple of thousand smaller swing, but I

27. Is anyone else seeing that commercial on tv selling a book about trump's tax bill

28. Ours was

29. Of course it's all Obama's fault!

30. My benefit of the trump tax cut was

31. would it be possible for you to explain to your customers that its a result

34. My son adjusted his withholding twice last year and still owe

37. K-1s are notorous for being late, and technically in violation of the law for that. You should

52. I had to pay estimated taxes

56. you are very wise, and those who were not paying attention may be in for an unexpected tax bill this

47. The withholding tables are absolutely broken and you can't convince me it was an accident